Woodhead Inc. manufactures one product. It does not maintain any beginning or ending inventories. The company uses a standard cost system in which inventories are recorded at their standard costs and any variances are closed directly to Cost of Goods Sold. Its standard cost per unit produced is $37.45. During the year, the company produced and sold 24,400 units at a price of $4740 per unit and its selling and administrative expenses totaled $92,000. The company does not have any variable manufacturing overhead costs. It recorded the following variances during the year: Materials price variance $ 8,760 F Materials quantity variance $ 550 U Labor rate variance $27,885 U Labor efficiency variance Fixed manufacturing overhead budget variance Fixed manufacturing overhead volume variance $17,200 F $17,400 F $18,900 F When the company closes its standard cost variances, the Cost of Goods Sold will increase (decrease) by: Multiple Choice $33,825 ($36,300) ($33,825) $36,300